If your eyes are set on Mulgrave, Australia it’s best to know what you’re getting into. This Mulgrave Suburb profile gives a brief overview of Mulgrave’s critical statistics, including demographic, cultural and property price information.
Where is Mulgrave?
Located 21km southeast of Melbourne, Mulgrave is a suburb within Victoria, Australia. It’s also situated in the local government area of the City of Monash and falls within postal code 3170. Known for its relaxed atmosphere and abundance of nature, Mulgrave has become a highly sought-after area for new home buyers.
Mulgrave Demographics – Who Lives There?
Mulgrave, Victoria, has a population of 19,368 people, according to a 2016 census, with 31 years old being the average age. While it’s a family-friendly suburb with mostly working residents, there’s also a large student population. As a result, you can expect to see a diverse and vibrant community.
The suburb is split into three main parts, with its General Residential Zone (42.87%) making up the suburb’s majority, followed by Special Use Zone (16.95%), and its Neighbourhood Residential Zone (15.61%). Mulgrave homes are generally owned outright, mainly by couples without children.
Additionally, the area has a high proportion of homes that are owned outright, mainly by couples without children.
Is Mulgrave a Good Suburb to live in?
Mulgrave provides an all-in-one package with excellent educational institutions, youth-friendly residential areas, beautiful parks and sporting facilities. Residents will find a good mix of amenities, including the Mulgrave Central Shopping Centre and Brandon Park Centre. The Mulgrave Makers Market and Farmers Market are also top attractions that sell hand-made goods and local, fresh produce.
Mulgrave’s educational system is top tier, featuring several primary and secondary colleges, such as Mazenod Secondary College, Wellington Secondary College, and Albany Rise Primary School. The suburb is also nearby Deakin University, La Trobe University, and Monash University.
Mulgrave Property Prices
Mulgrave house prices have performed strongly against other Melbourne suburbs. As of now, there is a high demand for real estate, with each property averaging at 1704 visits. There currently are 55 properties available for sale and 38 rental properties.
Since the early 2000s, Mulgrave real estate has undergone a significant transformation. Many of its older houses from the ’60s and 70’s have been redeveloped into new housing estates, offering contemporary, family-friendly designs. Consequently, this has accelerated Mulgrave property growth, increasing median house and unit prices.
Mulgrave Median House Price and Unit Price
Listed below is property sales data on Mulgrave’s median property prices:
|3 Bedroom House||$950,000||2 Bedroom Unit||$617,500|
|4 Bedroom House||$1,110,000||3 Bedroom Unit||$839,500|
Rental Properties Mulgrave
Listed below is property sales data on rental properties in Mulgrave:
|Houses||Rental PW||Units||Rent PW|
|3 Bedroom House||$450||2 Bedroom Unit||$380|
|4 Bedroom House||$520||3 Bedroom Unit||$460|
Mulgrave Real Estate – Houses vs Units
Mulgrave House Buyers
Based on the last five years of sales, house owners have seen a capital growth rate of 4.9%. Meanwhile, rental owners can enjoy a rental yield of 2.4%. This data is based on Mulgrave’s median unit price of $1,000,000 and a weekly rent of $460.
Mulgrave Unit Buyers
Mulgrave unit owners have seen a capital growth rate of 4.9% over the last five years, with a rental yield of 3.1%. Unit owners can expect to receive the same weekly rent as house owners with $460 per week.
The information above is based on Mulgrave’s median unit price of $780,000.
What does this Mean for Meal Restate Investors?
As capital growth percentage rates are identical for unit and house owners, purchases will depend on investors’ preferences.
Houses require a higher initial investment but will earn more than units over the long term due to their higher price. On the other hand, rental investors may prefer to buy units as they offer a higher rental yield.
Amenities and Attractions in Mulgrave
While Mulgrave doesn’t have an extravagant night scene, there are still ways to enjoy yourself. For instance, there are many cafes, restaurants, parks, and playgrounds for you to spend the day.
Waverley Gardens Shopping Centre – 271 Police Rd, Mulgrave VIC 3170, Australia
The Waverley Gardens Shopping Centre is a local shopping centre comprising of 110 shops. The centre itself is home to Coles, Woolworths, and Aldi, providing groceries, impulse shopping, and banks. And while it’s experienced changes since its 1977 opening, its main refurbishment took place in 2004 with the construction of two multi-storey car parks.
Waverley Park Lake Playground – Cavenagh Blvd, Mulgrave VIC 3170, Australia
Waverley Park Lake Playground is a popular destination for families with many facilities included. Let your kids immerse themselves in the playground and enjoy the facilities like the sandpit, water pump, pole forest and long slides. Additionally, families can enjoy its walking path across the park’s beautiful lake.
Farmers Market – 23-31 Gladeswood Dr, Mulgrave VIC 3170
This weekly market is one of Mulgrave’s most visited attractions, where locals and visitors can buy fresh produce. You can also find specialty products and unique ingredients, while having a chat with the friendly locals. Lastly live musical acts are also performed to the liven the crowd and enhance the experience.
Wellington Reserve Community Centre – 36-42 Mackie Rd, Mulgrave VIC 3170, Australia
This multi-functional centre provides a range of facilities that the locals regularly enjoy. It features function rooms that include classes and childcare facilities. Additionally, you can rent the main hall for business meetings, conferences, exhibitions, and special occasions. That said, parties are a big no-no!
Taskworks – 25 Glenvale Cres, Mulgrave VIC 3170, Australia
Taskworks provides engaging and exciting activities for children aged 4-14, helping to develop their problem-solving skills and inspire creative thinking. It provides a safe and fun environment that features several activity rooms based on their themes. These include the Puzzle room, Peg Fast, Create a Scene, Build it, Cable Maze and Stomp a Stump.
Mulgrave Suburb Profile – A Conclusion
Mulgrave is a quiet, family-friendly suburb that has a strong community spirit. With plenty of attractions and facilities available, growth will likely continue for the foreseeable future.
The suburb is also a good choice for investors, with steady capital growth rates. However, if you do plan to invest in Mulgrave, remember to do your research and speak to the experts at OurLocalAgent. It’s also essential to read up on mortgages and local property taxes and comparisons with the rest of the state.
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